By Christine Van Dusen
Atlanta, Nov. 19 – China’s Powerlong Real Estate Holdings Ltd. sold $200 million 7 5/8% three-year notes (expected ratings: B3/B-) at 99.017 to yield 8% on Thursday, a market source said.
Guotai Junan Securities (Hong Kong) Ltd., Merrill Lynch International and Credit Suisse Securities (Europe) Ltd. were the joint lead managers and joint bookrunners for the Regulation S offering.
The proceeds will be used to refinance existing debt.
The real estate company is based in Hong Kong.
| Issuer: | Powerlong Real Estate Holdings Ltd.
|
| Amount: | $200 million
|
| Maturity: | Nov. 26, 2018
|
| Description: | Senior notes
|
| Bookrunners: | Guotai Junan Securities (Hong Kong) Ltd., Merrill Lynch International, Credit Suisse Securities (Europe) Ltd.
|
| Coupon: | 7 5/8%
|
| Price: | 99.017
|
| Yield: | 8%
|
| Call: | Make-whole call
|
| Equity clawback: | At any time for up to 35% at 107.625
|
| Trade date: | Nov. 19
|
| Settlement date: | Nov. 26
|
| Expected ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Regulation S
|
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